Part B:
The second part of this assignment is very similar to Part A (which is below). You may reference the solution to the transaction analysis spreadsheet from Part A to help you in Part B. Your assignment in Part B is to first prepare journal entries in the General Journal tab of this spreadsheet for the same transactions that you analyzed in Part A. After preparing your journal entries, post your entries to the T-accounts in the General Ledger (T-Accounts) tab. Start by inserting the beginning balances in the T-accounts from the Year 0 Balance Sheet and then post your journal entries from the General Journal. Next, calculate the ending balance in each account. Then, prepare Year 1 financial statements based on the ending balances in each T-account. Finally, go back to the General Journal and prepare closing entries. Post your closing entries to the General Ledger T-accounts. Finally, prepare a Post-Closing Trial Balance.
Hints:
Whenever possible, use formulas to reference cells. This not only reduces the likelihood of error, it makes it easier for us to understand why you got the number you did. This applies to all assignments.
Use dates or transaction numbers in your T-accounts to facilitate tracing your journal entries to the T-accounts.
Note that when you prepare closing entries, you will calculate a new (final) balance in retained earnings. This is the balance that should appear in your balance sheet.
Note that there are multiple tabs involved in this assignment, so be sure to look at every tab to make sure you have completed everything.
If you need tutorials on excel, visit https://support.office.com/en-us/article/Excel-video-training-9bc05390-e94c-46af-a5b3-d7c22f6990bb?ui=en-US&rs=en-US&ad=US
PART A (chart answer key below) I re-uploaded it so it should be clearer now, IF NOT THEN ZOOM IN ON YOUR BROWSER AND IT WILL BE MORE VISIBLE, OTHER OPTIONS FOR A CLEARER IMAGE INCLUDE RIGHT CLICK THE IMAGE AND OPEN IN A NEW TAB OR SAVE THE IMAGE AND ZOOM IN ON IT:
(Only adding this if it helps, but I'm pretty sure it's unnecessary given the chart key above. These are the instructions to Part A):
Adomain is a start-up company that started last year, in Year 0. You are assigned to make the necessary adjustments for Adomain in Year 1. In the following tabs you will be given Adomain's Year 0 Balance Sheet and Income Statement, as well as a list of transactions for Year 1. You are also given a blank transaction analysis sheet where you should record the Year 1 transactions. The transaction analysis page, if used correctly, will help you determine the ending balances in all accounts.
The transactions include normal economic events during the course of the year and adjustments that need to be recorded at the end of the year (HINT: There are adjusting adjustments, which are transactions 3, 4, 10 and 11. You will need to consider the facts on your own to determine the adjustments).
Question:Start by inserting the beginning balances in the T-accounts from the Year 0 Balance Sheet and then post your journal entries from the General Journal. Next, calculate the ending balance in each account. Then, prepare Year 1 financial statements based on the ending balances in each T-account. Finally, go back to the General Journal and prepare closing entries. Post your closing entries to the General Ledger T-accounts. Finally, prepare a Post-Closing Trial Balance.
Part B: The second part of this assignment is very similar to Part A (which is...
Part B: The second part of this assignment is very similar to Part A (which is below). You may reference the solution to the transaction analysis spreadsheet from Part A to help you in Part B. Your assignment in Part B is to first prepare journal entries in the General Journal tab of this spreadsheet for the same transactions that you analyzed in Part A. After preparing your journal entries, post your entries to the T-accounts in the General Ledger...
Part B: The second part of this assignment is very similar to Part A. You may reference the solution to the transaction analysis spreadsheet from Part A to help you in Part B. Your assignment in Part B is to first prepare journal entries in the General Journal tab of this spreadsheet for the same transactions that you analyzed in Part A. After preparing your journal entries, post your entries to the T-accounts in the General Ledger (T-Accounts) tab. Start...
Year 1 Transactions for Adomain Transaction # Date Event 1 January 1 Purchased a patent for $32,000 in cash 2 March 15 Paid $18,500 in cash for long-term assets 3 April 1 Prepaid $36,000 for rent for the next 12 months and recorded the transaction as an asset. 4 April 1 Issued 1000 common shares to investors for $60,000 5 April 1 Sold inventory on account for $120,000 (a). The cost of the inventory was $16,000 (b). Also, paid a...
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Wood, Corp was created on June 1, 2019. The company owns and operates a shoe store. Using the "Accounting Review" spreadsheet, complete the following: a. Prepare journal entries for each transaction below, which occurred in the first month, June 2019, of business for Wood, Corp 1. Issued 100,000 shares of common stock in exchange for $250,000 cash. 2. Purchased fixtures (asset) at a cost of S100,000. $40,000 was paid in cash and a note payable was signed for the balance...
for Set B, make a journal entry and fill put the ledger. Practice Set Part A: 1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600. 2. Record the journal entries for the August transactions using General Journal Page 1. Make sure that you include explanations. 3. Post the entries to the...